NWT returns to profit in Q2

16 Sep 2009

North-West Telecom (NWT), a regional provider of telecoms services in Russia, yesterday reported second-quarter net income of RUB1.36 billion (USD44 million), reversing a RUB143 million loss in the first quarter which precipitated a 40% drop in first-half profit. Revenues in the three months under review amounted to RUB6.5 billion, unchanged on the previous quarter, it said. For the first half of the year NWT said net profit reached RUB1.219 billion, down from RUB2.036 billion a year ago, although turnover increased 4.7% to RUB13.035 billion. The drop in earnings was attributed in the main to a RUB458 million foreign exchange loss compared with a RUB88 million forex gain during the same period of 2008. NWT is controlled by national telecoms holding company Svyazinvest.

Russia, North-West Telecom (NWT)